U.S. Bank Home Mortgage

Transcription

1 U.S. Bank Home Mortgage

2 Agenda Delivery and Funding Top Exceptions Purchase Process Help Desk and Lender Reference Customer Service and Loss Mitigation Underwriting Highlights and Resources Q & A

3 Delivery & Funding Access information at: PLEASE!! Share information with Originators, Closers & Shippers

4 Select U.S. Bank Lending Manuals

5 Continue to Access Allregs

6 Open Housing Finance Authority folder and select Delaware

7 Loan Delivery Checklist

8 Lender Guide

9 Loan File Delivery Address ALL Loan Files should be sent to: U.S. Bank Home Mortgage Rockside Road Bedford, OH Attn: Operations Department

10 Reference Endorsements / Assignments: U.S. Bank National Association (First Mortgages) Hazard Insurance / Loss Payee Clause: U.S. Bank National Association its successors and or assigns as their interest may appear. c/o U.S. Bank Home Mortgage P.O. Box 7298 Springfield, OH MERS ID NUMBER:

11 Insurance Deductibles Hazard / Flood Government Loans Deductibles may not exceed the higher of $1,000 or 1 % of the face amount of the policy. Association Policy requirements for CONDO/PUD Projects and common areas. Deductibles may not exceed the higher of $1,000 or 1% of the policy insurance limits for all covered losses. U.S. Bank requires an HO-6 (walls-in) policy on all condo units. Windstorm / Hurricane Government Loans Deductibles may not exceed the greater of $2,000 or 2% of the dwelling coverage. Conventional Loans Deductibles cannot exceed 5% of the face amount of the policy for hazard and $5,000 for flood. The maximum deductible on a flood policy for condo/pud project and coops may not exceed $25,000. Provide proof via paid receipt for all policies to show one year advance payment. Include the dollar amount paid. The insurance agent is required to have an A. M. Best Company Key Rating Guide of Class VIII/A, non assessable company with a Demotech A rating or a Financial Performance Rating (FPR) of 6 or better.

12 Streamlined 203k

13 Streamlined 203K Lender Approval All lenders wishing to participate in the 203(ks) program must go through a separate 203(ks) approval process. Approval process will include performance analysis of previous 203(k) loans originated by lender. Note: U.S. Bank only accepts streamlined 203(k) referred to as 203(ks) loans. Standard 203(k) loans are not permitted. Please also review our 203(ks) presentation at: FDz5M13hz47vMz0

14 203(ks) Reference MRBP 203(ks) Administration: Debbie Tron Alisa Shively Bonnie Hoffman Sharon Frazier Disbursement Requests: Outstanding Stipulations: FHA:

15 Manufactured Housing 7.1 title policy endorsement required Minimum FICO 660 Review State specific manufactured housing guidelines at

16 Manufactured Housing

17 U.S. Bank Bulletins

18 Bulletin MDIA

19 Bulletin Page 2

20 Loan Processing Turn Times All closed loans delivered for purchase will be reviewed within 5 business days from the day of receipt by U.S. Bank. Complete, compliance approved loans will be approved for purchase Incomplete loans will be suspended and lenders will receive a suspense letter Exceptions received are cleared with 24 hours. Loans are generally funded within 1 to 2 business days from the day the last exception item is cleared

21 Loans With Exceptions U.S. Bank will communicate all loan exceptions to a designated person via daily fax and weekly recap report Exceptions can be ed to mrbp.exceptions@usbank.com Please provide separate cover letter/sheet for each loan exception and include U.S. Bank loan number Once all outstanding deficiencies have been resolved and loan has been compliance approved, U.S. Bank will purchase the loan

22 Most Frequent Document Exceptions Mortgage Lender s Affidavit missing or incomplete Mortgagor s Affidavit missing or incomplete Seller s affidavit missing or incomplete Notice of Assignment, Sale, or Transfer of Servicing Rights missing Final SMAL TIL missing POA for Seller s Affidavit missing Second DOT missing No tax information worksheet in file

23 Loan Purchase Process Loans are purchased once all closed loan file exceptions and compliance exceptions have been cleared and DSHA has given final compliance approval to U.S. Bank Loans will be funded at an amortized balance net of escrow funds (no checks). Two month escrow cushion required U.S. Bank is no longer funding the DPA loans Loans are purchased daily Purchased loan summary / detail is faxed to lenders

24 Loan Purchase Process Lender Compensation U.S. Bank / Program Fees Origination 1% (203ks) Tax Service $85.00 SRP 2% Govt 1% *Conv *1% Conv loan delivery fee from borrower Loan Funding Fee $ NOTE: Lenders are permitted to collect normal and customary fees. If U.S. Bank services (UW, TF etc.) are requested, there are additional fees for those services.

25 Post-Purchase - Final Documents Organize documents according to checklist All lenders are responsible for delivery of documents to U.S. Bank Due within 120 days from purchase by U.S. Bank A late fee of $50 will be assessed after 120 days Deliver to: Document Control Rockside Road Bedford, Ohio

26 Post-Close Trailing Doc Exceptions Title Policy: Mortgage amount is missing Schedule A, item 4 contains incorrect deed of trust recording information Name of insured is incomplete (needs to mirror deed of trust and have it s successors and/or assigns ) Missing required endorsements Second Deed of Trust: Closing date is incomplete Missing marital status of borrower(s) Incorrect maturity date Legal description missing Riders are recorded with second deed of trust instead of the first deed of trust Assignments: Missing all recordings of the deed of trust

27 Lender Help Desk Help Desk Line: the Help Desk Status of loans Status of documents received Loan Deficiencies / Exceptions Program guidelines General information

28 Customer Service MRBP Servicing Location Rockside Road Bedford, OH All MRBP Bond loans serviced from this facility! Borrower Payment Address and website: U.S. Bank Home Mortgage P.O. Box Bedford, OH Customer Service Toll Free Number Hours: Monday Friday 7:00 am 8:00 pm EST

29 Customer Service Borrowers receive monthly billing statements Spanish Speaking Customer Service & Default Representatives Interactive Voice Response System (24 hours a day) Mortgagor Website Access (24 / 7) Call Center Operations M-F (7:00am 8:00pm est.) Default Servicing Call Center Operations (8:00am 8:00pm est.) Flexible Payment Methods: ACH, Mail, Website, Phone

30 Underwriting Highlights This presentation is for basic informational purposes only. It does not modify or replace the information provided by FHA, VA, RD, Fannie Mae or Freddie Mac. All loans should be underwritten in compliance with the most current underwriting guidelines for FHA, VA, RD, Fannie Mae or Freddie Mac It is the lender s responsibility to follow all guidelines specific to the program as well as any U.S. Bank guidelines including mortgagee letters, announcements, or bulletins. This presentation is for general products requirements U.S. Bank and DSHA are not liable for loans not meeting product guideline criteria 640 minimum FICO, 45% maximum DTI

31 Underwriting Systems The following automated systems are approved for use with loans in the bond programs FHA & VA loans (DU or LP) RD Loans (GUS) Conventional (DU or LP) Other lender customized automated underwriting systems are not acceptable at this time

32 Underwriting Highlights - Conventional For Conventional loans, choose HFA Preferred in DU or run as a Home Possible in LP DU result must be approve/eligible and LP result must be accept No LLPA or adverse fee collected Manual underwrites Follow Fannie s guidelines for an MCM loan (eligibility matrix). Please ensure that the most recent guidelines are followed: efanniemae.com Maximum AMI limit is the greater of: the limits per the Fannie Mae selling guide or the limits established by DSHA SFC of 358 must be added to 1008

33 THANK YOU For your participation in the Delaware State Housing Authority program!